Global Strontium Market Expected To Grow At 4.7% CAGR Over 2018-2022

Date: 2018-05-04

Strontium is the chemical element with symbol Sr and atomic number 38. An alkaline earth metal, strontium is a soft silver-white yellowish metallic element that is highly reactive chemically. The metal forms a dark oxide layer when it is exposed to air. Strontium has physical and chemical properties similar to those of its two vertical neighbors in the periodic table, calcium and barium. It occurs naturally mainly in the minerals celestine, strontianite and is mined mostly from the first two of these.

Strontium  is widely used in manufacturing of strontium ferrite for permanent magnets and ceramic ferrite magnets, a crucial component in the production of mechanical components in heavy machinery and medical device such as MRI; the booming electric automobile industry that demand electric motors are expected to be the key factor driving growth for the Strontium market as electric motors need permanent magnets, according to research, the global Strontium market is expected to grow at a CAGR of 4.7% during 2018-2022.

Geographically, Asia Pacific is a dominant market in both production and demand, which accounted for the share of over 32% in 2017 in terms of production. China is the largest producer in the region, Asia Pacific market is estimated to remain the trend throughout 2022 due to its growth in manufacturing, which directly fueling both in the consumption and production of Strontium on the back of rapid industrialization and substantial growth in the automobile industry. Region followed by North America and Europe in terms of demand, North America is expected to grow at a CAGR of 4.5% during the forecast period in terms of revenue.

Base on the type, Strontium available in the market are strontium carbonate, strontium nitrate, strontium sulphate, and others. According to research, the strontium carbonate segment accounted for an overwhelmed 69.3% share in the global market in 2017. 

Global top manufacturers operating in Strontium Market are Yuxiang Magnetic Materials Ind. Co. Ltd., Shijiazhuang Zhengding JINSHI Chemical Co., Ltd., ProChem, Inc® International, ABASSCO, Sakai Chemical Industry Co, Quimica Del Estroncio, S.A. among others.

Global Strontium Magnet market share by geography as following:

Read Full Report: http://www.gosreports.com/global-strontium-market-report-and-forecast-to-2021/

Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 510-400-8520
Web: www.gosreports.com
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